HCFANY Memo of Support: Restoring Regulatory Authority to Conduct Prior Approval of Insurance Premium Hikes in Governor Paterson’s Article VII Bill

Posted February 18, 2010 by arianne

 In the past decade, New Yorkers have witnessed unprecedented insurance premium increases that have far outpaced inflation and wages. The cost of health insurance for a family on the direct pay market now exceeds $24,000 annually. These premium increases are directly tied to a precipitous rise in the ranks of the uninsured among moderate-income working families. Absent some regulatory curb on premium hikes, such as those envisioned in this bill, more New Yorkers will be unable to pay for coverage, more New Yorkers will become uninsured, and all New Yorkers will bear the burden of increasing uncompensated care costs and more stress on our already fragile health care system.